High conviction traders are also looking into geared ETFs that take leveraged position on oil futures to capture the potential upside. For instance, the ProShares Ultra Bloomberg Crude Oil (NYSEArca: UCO), which takes two times or 200% daily performance of WTI crude oil, and the VelocityShares 3x Long Crude ETN (NYSEArca: UWTI), which tracks three times or 300% the daily performance of WTI crude, both experienced unusually high volume trades Thursday. [Investors Capitalize on Oil Swings with Leveraged ETFs]
Specifically, UCO was up 5.4% Thursday on a little over two times its average daily volume. Meanwhile, UWTI was one of the most active exchange traded products Thursday, rising 7.6% higher on 53.4 million volume, compared to its average 16.0 million.
United States Oil Fund
For more information on the crude oil market, visit our oil category.
Max Chen contributed to this article.